Minister for Justice and Reform of the Construction Sector Jonathan Attard addressed real estate agents and industry stakeholders at the official inauguration of the Property Market Agency. The creation of this agency marks a significant step towards a more transparent, robust, and sustainable property sector in Malta.
Minister Jonathan Attard expressed his gratitude to all those who have contributed over the years to make this initiative a reality. He explained that the new agency will serve as the primary regulator for intermediaries in the property sector, operating under a fresh regulatory framework designed to enhance protections for buyers, sellers, and market operators. This reform aims to prevent malpractice, establish clearer industry standards, and elevate professionalism across the sector.
“The implementation of this new regulatory framework addresses existing legal gaps, introduces clearer professional standards, and ensures that the sector operates with greater ethical responsibility. This initiative complements the government’s broader efforts to strengthen public confidence in a market that holds significant economic and social importance for Maltese families,” stated the minister.
The minister further emphasized that the government recognizes the property market as one of the most substantial investments for both families and businesses. Therefore, this agency will ensure that all market operators comply with well-defined regulations, helping to prevent malpractice and unfair business practices.
“The government remains committed to strengthening this framework with additional legislative measures to create a more stable and fair property market. Furthermore, we will continue to invest in additional resources, including human capital, to support the agency’s work. This initiative is a crucial step in our ongoing efforts to foster a more professional, transparent, and sustainable sector for the benefit of all,” concluded the minister.
The Chief Executive Officer of the Property Market Agency Joe Deguara highlighted the agency’s primary objective: to provide consumers with the necessary knowledge and assurance to navigate the property market with confidence.
Among its key functions, the agency will:
- Regulate and oversee the property market;
- Provide training and development programs for intermediaries;
- Encourage and coordinate industry research;
- Conduct public awareness campaigns to educate consumers;
- Offer easily accessible resources that explain legal procedures and market conditions; and
- Promote ethical business practices that prioritize consumer protection and fair treatment.
The inauguration was also attended by the Permanent Secretary within the Ministry for Justice and Reform of the Construction Sector Johan Galea, along with numerous real estate agents and other key industry stakeholders.
Photo: MJR
